Buyouts tend to come in waves. The first arrived in the 1980s, when a series of high-profile leveraged buyouts shook the corporate world. Buyouts surged again in the mid-1990s, the late 1990s, the early 2000s, and around 2006.
In peak years, there were nearly a hundred buyouts — in off years, as few as 10. The 2008 financial crisis is a striking reminder of this boom-bust feature of buyout markets. At the bottom of the market in 2008 we counted as little as 10 deals; the value of these deals was also low at 48 basis points fraction of total stock market capitalization.